Deferred tax on loss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 September 2011
If Deferred Tax is not created on Loss of a pvt ltd company in the last year and in current year it is having Profit.
Can that Co. can set off profit with last year's loss ?
Can that Co. can set off profit with last year's loss ?
25 September 2011
Set off of loss with profit has nothing to do with deferred tax. In current year, since the company is showing profit, find the "timing difference" and book DTA/DTL as the case may be just to comply with AS-22 and section 211 (3C) of the companies Act,1956.
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